KeyBanc Upgrades CIRCOR International (CIR) to Overweight
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KeyBanc upgraded CIRCOR International (NYSE: CIR) from Sector Weight to Overweight with a price target of $58. Analyst James Picariello sees an attractive entry point.
"Since CIR negatively pre-announced its 3Q16 earnings, the stock is down 13% (vs. the S&P 500 -1.2%; XLI -1.9%), despite the Company's recent and highly intriguing acquisition of Critical Flow Solutions. We have been visible proponents of the management team and CIR's internal momentum in improving the margin profile of its businesses against a challenged macro backdrop. Our primary caution had centered on valuation (trading at ~12x EV/ EBITDA since mid-July). Now, with the stock and earnings reset, coupled with a positive acquisition catalyst, we view this as a compelling entry point," said Picariello.
Shares of CIRCOR International closed at $51.94 yesterday.
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